Atheros-Intellon acquisition approved

AP News
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Posted: Dec 15, 2009 6:57 PM

Atheros Communications Inc. said Tuesday it has completed its acquisition of technology company Intellon Corp.

Atheros paid $113.6 million in cash and just over 5 million shares of common stock in the deal, which was approved by Intellon stockholders Friday and closed on Tuesday.

The acquisition combines Intellon's home networking and smart grid technology with Atheros' wireless communications business.

The deal "further enables us to address the growing demand for flexible, high-bandwidth networking in the digital home and low-power, always-connected infrastructure in the emerging smart grid market," said Craig Barratt, president and CEO of Atheros Communications.

Atheros stock rose 27 cents to close at $32.18.